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Pension and Other Post Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items] |
Benefit Obligation, Amounts Recognized Company's Financial Statements and Principal Assumptions | The Company records a projected benefit obligation representing the present value of future plan benefits when earned by the participant. The following table sets forth the benefit obligation, amounts recognized in the Company’s financial statements and the principal assumptions used:
|  | 2016 |  |  | 2015 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 2,898 |  |  | $ | 2,474 |
Service cost |  |  | 387 |  |  |  | 379 |
Interest cost |  |  | 98 |  |  |  | 80 |
Actuarial (gain) loss |  |  | 36 |  |  |  | (35 | )
Benefit obligation at end of year |  | $ | 3,419 |  |  | $ | 2,898 |
Components of Net Periodic Pension Benefit Cost | Components of the Plan’s net periodic pension benefit cost for the years ended December 31, 2016, 2015 and 2014 are as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 387 |  |  | $ | 379 |  |  | $ | 335 |
Interest cost |  |  | 98 |  |  |  | 80 |  |  |  | 78 |
Amortization of actuarial losses |  |  | — |  |  |  | 27 |  |  |  | — |
Net periodic benefit cost |  | $ | 485 |  |  | $ | 486 |  |  | $ | 413 |
Pretax Amounts Recognized in Other Comprehensive Income | Pretax amounts recognized in other comprehensive income for the years ended December 31, 2016, 2015 and 2014 are as follows
|  | 2016 |  |  | 2015 |  | 2014 |
Actuarial Losses/(gains) |  | $ | 36 |  |  | $ | (35) |  | $ | 213 |
Amortization of actuarial losses |  |  | — |  |  |  | (27) |  |  | — |
|  | $ | 36 |  |  | $ | (62) |  | $ | 213 |
Fair Value of Plan Assets | The following table sets forth the fair value of the plan assets for the periods ending December 31, 2016 and 2015:
|  | 2016 |  |  | 2015 |
Change in plan assets: |  |  |  |  |  |  |  |
Plan assets at beginning of year |  | $ | 3,333 |  |  | $ | 3,615 |
Actual return on plan assets |  |  | 125 |  |  |  | 126 |
Contributions |  |  | 261 |  |  |  | 257 |
Paid pension distributions |  |  | (261 | ) |  |  | (257 | )
Actuarial gains/(losses) |  |  | (27 | ) |  |  | (28 | )
Exchange rate impact |  |  | (105 | ) |  |  | (380 | )
Plan assets at end of year |  | $ | 3,326 |  |  | $ | 3,333 |
Actuarial Assumptions Used to Determine Benefit Obligation and Net Periodic Service Cost | The Gentherm GmbH defined benefit plan is underfunded by $4,000 and $3,647 as of December 31, 2016 and 2015, respectively. The net periodic benefit cost is included in selling, general and administrative expenses in the Company’s consolidated statements of income and actuarial gains and losses are included the Company’s consolidated balance sheet as part of accumulated other comprehensive income within shareholders’ equity. Actuarial gains or losses are amortized to selling, general and administrative expense in the Company’s consolidated statements of income using the corridor method. The following table describes the actuarial assumptions used to determine the benefit obligation and the net periodic service cost:
|  | 2016 |  |  | 2015 |
Discount rate |  |  | 1.69 | % |  |  | 2.21 | %
Expected long term rate of return on plan assets |  |  | 3.40 | % |  |  | 3.70 | %
Schedule of Expected Pension Payments | The schedule of expected pension payments made to Gentherm GmbH defined benefit plan participants over the next 10 years is as follows:
Year |  |  |
2017 |  | $ | 258 |
2018 |  |  | 257 |
2019 |  |  | 255 |
2020 |  |  | 253 |
2021 |  |  | 251 |
2022 - 2026 |  |  | 1,238 |
Total |  | $ | 2,512 |
Gentherm GmbH |
Defined Benefit Plan Disclosure [Line Items] |
Benefit Obligation, Amounts Recognized Company's Financial Statements and Principal Assumptions | Gentherm GmbH records a projected benefit obligation representing the present value of future plan benefits when earned by the participant. The following table sets forth the benefit obligation and amounts recognized in the Company’s financial statements:
|  | 2016 |  |  | 2015 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,980 |  |  | $ | 8,120 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 154 |  |  |  | 142 |
Paid pension distributions |  |  | (261 | ) |  |  | (257 | )
Actuarial (gains)/losses |  |  | 691 |  |  |  | (182 | )
Past service cost |  |  | — |  |  |  | — |
Exchange rate impact |  |  | (238 | ) |  |  | (843 | )
Benefit obligation at end of year |  | $ | 7,326 |  |  | $ | 6,980 |
Components of Net Periodic Pension Benefit Cost | Components of the Plan’s net periodic pension benefit cost for the years ended December 31, 2016, 2015 and 2014 are as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | — |  |  |  | — |  |  |  | 304 |
Interest cost |  |  | 154 |  |  |  | 142 |  |  |  | 181 |
Return on plan assets |  |  | (125 | ) |  |  | (126 | ) |  |  | (89 | )
Amortization of prior service cost |  |  | — |  |  |  | 572 |  |  |  | — |
Amortization of actuarial loss (gains) |  |  | 48 |  |  |  | 59 |  |  |  | (166 | )
Net periodic benefit cost |  | $ | 77 |  |  |  | 647 |  |  |  | 230 |
Pretax Amounts Recognized in Other Comprehensive Income | Pretax amounts recognized in other comprehensive income for the years ended December 31, 2016, 2015 and 2014 are as follows:
|  | 2016 |  |  | 2015 |  | 2014 |
Actuarial (gains)/losses |  | $ | 718 |  |  | $ | (154) |  | $ | 1,916 |
Amortization of actuarial (losses)/gains |  |  | (48 | ) |  |  | (59) |  |  | 166 |
Amortization of prior service cost |  |  | — |  |  |  | (572) |  |  | — |
|  | $ | (670 | ) |  | $ | (785) |  | $ | 2,082 |

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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2417-114920 + Details
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